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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 3,767,655 |  |  | $ | 2,898,489 |  |  | $ | 2,355,943 |
Employee Compensation and Benefits |  |  |  |  | 2,448,409 |  |  | 1,927,928 |  |  | 1,617,449 |
Non-Compensation(2) |  |  |  |  | 548,304 |  |  | 456,257 |  |  | 393,308 |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | 7,305 |  |  | 2,921 |
Operating Income |  |  |  |  | 770,942 |  |  | 506,999 |  |  | 342,265 |
Income from Equity Method Investments |  |  |  |  | 6 |  |  | 1,073 |  |  | 620 |
Pre-Tax Income |  |  |  |  | $ | 770,948 |  |  | $ | 508,072 |  |  | $ | 342,885 |
Identifiable Segment Assets |  |  |  |  | $ | 5,184,718 |  |  | $ | 4,022,227 |  |  | $ | 3,541,886 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 88,165 |  |  | $ | 81,104 |  |  | $ | 70,006 |
Employee Compensation and Benefits |  |  |  |  | 52,425 |  |  | 46,108 |  |  | 39,426 |
Non-Compensation(2) |  |  |  |  | 16,740 |  |  | 15,081 |  |  | 13,710 |
Operating Income |  |  |  |  | 19,000 |  |  | 19,915 |  |  | 16,870 |
Income from Equity Method Investments |  |  |  |  | 3,866 |  |  | 5,158 |  |  | 6,035 |
Pre-Tax Income |  |  |  |  | $ | 22,866 |  |  | $ | 25,073 |  |  | $ | 22,905 |
Identifiable Segment Assets |  |  |  |  | $ | 173,379 |  |  | $ | 151,744 |  |  | $ | 161,412 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 3,855,820 |  |  | $ | 2,979,593 |  |  | $ | 2,425,949 |
Employee Compensation and Benefits |  |  |  |  | 2,500,834 |  |  | 1,974,036 |  |  | 1,656,875 |
Non-Compensation(2) |  |  |  |  | 565,044 |  |  | 471,338 |  |  | 407,018 |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | 7,305 |  |  | 2,921 |
Operating Income |  |  |  |  | 789,942 |  |  | 526,914 |  |  | 359,135 |
Income from Equity Method Investments |  |  |  |  | 3,872 |  |  | 6,231 |  |  | 6,655 |
Pre-Tax Income |  |  |  |  | $ | 793,814 |  |  | $ | 533,145 |  |  | $ | 365,790 |
Identifiable Segment Assets |  |  |  |  | $ | 5,358,097 |  |  | $ | 4,173,971 |  |  | $ | 3,703,298 |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities(A) |  |  |  |  | $ | 78,236 |  |  | $ | 86,772 |  |  | $ | 78,281 |
Investment Management |  |  |  |  | 809 |  |  | 1,554 |  |  | 2,965 |
Total Other Revenue, net |  |  |  |  | $ | 79,045 |  |  | $ | 88,326 |  |  | $ | 81,246 |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests of $24,264, $16,768 and $16,717 for the years ended December 31, 2025, 2024 and 2023, respectively. (2)Non-Compensation expenses are as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 106,309 |  |  | $ | 88,604 |  |  | $ | 82,180 |
Professional Fees(A) |  |  |  |  | 98,531 |  |  | 91,861 |  |  | 69,953 |
Travel and Related Expenses |  |  |  |  | 94,515 |  |  | 78,519 |  |  | 63,798 |
Technology and Information Services(A) |  |  |  |  | 141,413 |  |  | 117,091 |  |  | 103,083 |
Depreciation and Amortization |  |  |  |  | 32,098 |  |  | 24,141 |  |  | 23,943 |
Execution, Clearing and Custody Fees |  |  |  |  | 10,654 |  |  | 11,487 |  |  | 10,724 |
Acquisition and Transition Costs |  |  |  |  | 9,858 |  |  | — |  |  | — |
Other Operating Expenses |  |  |  |  | 54,926 |  |  | 44,554 |  |  | 39,627 |
Total Non-Compensation |  |  |  |  | $ | 548,304 |  |  | $ | 456,257 |  |  | $ | 393,308 |
Investment Management |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 2,475 |  |  | $ | 2,349 |  |  | $ | 2,149 |
Professional Fees(B) |  |  |  |  | 4,513 |  |  | 4,344 |  |  | 3,788 |
Travel and Related Expenses |  |  |  |  | 1,097 |  |  | 927 |  |  | 729 |
Technology and Information Services(B) |  |  |  |  | 4,809 |  |  | 3,904 |  |  | 3,580 |
Depreciation and Amortization |  |  |  |  | 459 |  |  | 327 |  |  | 405 |
Execution, Clearing and Custody Fees |  |  |  |  | 1,845 |  |  | 1,724 |  |  | 1,551 |
Other Operating Expenses |  |  |  |  | 1,542 |  |  | 1,506 |  |  | 1,508 |
Total Non-Compensation |  |  |  |  | $ | 16,740 |  |  | $ | 15,081 |  |  | $ | 13,710 |
Total |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 108,784 |  |  | $ | 90,953 |  |  | $ | 84,329 |
Professional Fees(C) |  |  |  |  | 103,044 |  |  | 96,205 |  |  | 73,741 |
Travel and Related Expenses |  |  |  |  | 95,612 |  |  | 79,446 |  |  | 64,527 |
Technology and Information Services(C) |  |  |  |  | 146,222 |  |  | 120,995 |  |  | 106,663 |
Depreciation and Amortization |  |  |  |  | 32,557 |  |  | 24,468 |  |  | 24,348 |
Execution, Clearing and Custody Fees |  |  |  |  | 12,499 |  |  | 13,211 |  |  | 12,275 |
Acquisition and Transition Costs |  |  |  |  | 9,858 |  |  | — |  |  | — |
Other Operating Expenses |  |  |  |  | 56,468 |  |  | 46,060 |  |  | 41,135 |
Total Non-Compensation |  |  |  |  | $ | 565,044 |  |  | $ | 471,338 |  |  | $ | 407,018 |
(A)The Company reclassified $38,536 and $34,146 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information. (B)The Company reclassified $985 and $914 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information. (C)The Company reclassified $39,521 and $35,060 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information.
Revenues Derived from Clients by Geographical Areas | The Company's revenues were derived from clients located and managed in the following geographical areas:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Net Revenues:(1) |  |  |  |  |  |  |  |  |
Americas(2) |  |  |  |  | $ | 3,067,300 |  |  | $ | 2,331,369 |  |  | $ | 1,826,861 |
EMEA |  |  |  |  | 626,250 |  |  | 503,496 |  |  | 469,694 |
Asia-Pacific |  |  |  |  | 83,225 |  |  | 56,402 |  |  | 48,148 |
Total |  |  |  |  | $ | 3,776,775 |  |  | $ | 2,891,267 |  |  | $ | 2,344,703 |
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense. (2)Primarily includes revenue attributable to the United States of $2,885,717, $2,187,916 and $1,719,337 for the years ended December 31, 2025, 2024 and 2023, respectively.
Assets by Geographic Areas | The Company's total assets are located in the following geographical areas:
| December 31,
| 2025 |  | 2024
Total Assets: |  |  |
Americas(1) | $ | 3,396,905 |  |  | $ | 3,496,519 |
EMEA(2) | 1,887,541 |  |  | 614,494 |
Asia-Pacific | 73,651 |  |  | 62,958 |
Total | $ | 5,358,097 |  |  | $ | 4,173,971 |
(1)Primarily includes assets located in the United States. (2)Primarily includes assets located in the United Kingdom.

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